Welding defects are known to cause crack propagation and reduce structural fatigue performance. Based on the Paris theory of fracture mechanics, research is conducted on evaluation methods for analyzing fatigue crack propagation by adopting random loads with long-term distribution that follows the Weibull distribution for the stress ranges of fatigue loads. This approach is combined with the corrective stress intensity factor (SIF) equation and the method for calculating the reference stress and failure criterion. A large container ship is selected for a simulation, and fatigue crack propagation analysis is conducted on typical critical locations. A detailed comparison of the forecasted fatigue life is carried out between fracture mechanics theory and the S-N curve. The results indicate that the fatigue life values obtained using the two methods are of the same magnitude. In general, for the welded structure, the fatigue life value obtained via the fracture mechanics method is shorter than that obtained via the S-N curve method, while, for the free edge of the structure and the unwelded structure, the predicted fatigue life value is closer than that predicted via the S-N curve method. Moreover, the influence of initial crack defects on the fatigue life is investigated, and the results show that the depth of the initial crack will greatly affect the fatigue life of the target ship in typical locations, but the influence of the shape ratio on the fatigue life is limited. Therefore, in the actual ship construction process, controlling the initial crack depth of components is effective for limiting crack propagation and improving fatigue life. The above conclusions and suggestions can serve as a reference for the structural design and fatigue life evaluation of large container ships.